Toro Corp. (TORO) has released an update.
Toro Corp. has reported a sharp decline in financial performance, with net income plummeting by 98% to $1.1 million in Q2 2024 and a 69.9% decrease to $23.3 million for the first half of the year compared to the same periods in 2023. The company experienced a significant drop in total vessel revenues, which fell by over 77% amidst a strategic shift in its fleet composition and market operations. Despite these challenges, Toro Corp. maintains a strong cash reserve with no outstanding debt and continues to seek growth opportunities.
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